When you first reach age 65, assuming you have met the coverage requirements you are eligible for Medicare enrollment. There is a specific period of time that you’re allowed to enroll. After that period you can still enroll, but there can be penalties. That is, unless you have had “creditable” coverage during the period when you were eligible – usually an employer’s plan. This creditable coverage has to meet certain minimums.

Often, employer medical plans require members over age 65 to enroll in Medicare, so that the employer plan will be secondary to Medicare when the member is eligible. This …

The other night I was awoken by a pretty severe thunderstorm. Bright lightning and heavy rains lasted throughout the night. By daybreak, it had rained nearly three inches in the span of six hours.

Naturally, I thought, “time for an article.”

The heavy rain made me think about what would happen in the event of a flood. The reason why is that most home insurance policies specifically exclude damage from flooding. That is, if water seeps into a basement from heavy rains and damages the area, homeowner’s insurance would not apply. A specific flood insurance policy is needed.

In a previous post we discussed the general information surrounding Designated Roth Accounts (also known as a Roth 401k) – eligibility, tax treatment, and contributions. In this post we’ll go over the nuances involved in distributions from a Designated Roth Account under a 401k. Distributions are a little different from most other retirement plans, as you’ll see…

Required Minimum Distributions

One of the first things that is different about Roth 401k distributions is that the Required Minimum Distribution (RMD) rules DO apply to these accounts. This is different from the Roth IRA, as RMDs are not required by the original …

Most individuals understand the need for traditional life insurance. It pays a death benefit in the event a loved one, such as a spouse, dies prematurely. The death benefit is there to provide income for expenses, and to fund future expenses such as college or the surviving spouse’s retirement.

While not overlooked, a seldom thought about income replacement tool is disability. Disability insurance should not be ignored, and arguably should be considered as a higher priority than life insurance. This is because statistically, an individual has a higher chance of becoming disabled, than dying prematurely. Especially if they’re young.

Generally, in order to begin receiving Social Security benefits, you must submit an application to the Social Security Administration. Similarly, an application is required (in general) in order to receive Medicare benefits. But there are some circumstances where you can begin receiving Social Security benefits or Medicare without the need for an application.

In general, these cases are situations where you’re already receiving Social Security benefits on another program, such as Social Security Disability Income (SSDI), and you’ve reached Full Retirement Age (FRA).

When a Medicare application is not required

If you’re already receiving Social Security retirement benefits or SSDI